Virginia Economic Development Incentive Grant program (VEDIG)
Virginia Economic Development Partnership (VEDP)
The Virginia Economic Development Incentive Grant program (VEDIG) assists and encourages companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia. There must be an active and realistic competition between Virginia and another state or country for attracting the project. The amount of each VEDIG grant is determined by the Secretary of Commerce and Trade, based in part on the Virginia Economic Development Partnership’s (VEDP) Return-on-Investment analysis and recommendation, and is subject to the approval of the Governor. The program offers cash grants to qualified applicants. Grants are paid in five equal annual installments beginning in the first year after the capital investment and job creation or retention are achieved. There are no restrictions on expenditure of the grant proceeds. Minimum capital investment, new job, and wage thresholds are based on the area of Virginia in which the company is located.
Total Annual Funding Available through Program
The aggregate amount of economic development incentive grants payable under this section in any fiscal year shall not exceed $6 million, and aggregate amount of grants shall not exceed $30 million..
Average Award Size
Eligible Applicants
Business/Small Business
Eligibile Areas
All areas in Virginia are eligible
Application Interval
Ongoing
Time of Year Accepting Applications
ongoing
Grantor Contact Information
Phone: 804.545.5794
Email: kgoodwin@vedp.org
Funding Program Website
Funding Program
Economic Development
Additional Information
All projects must meet the following eligibility requirements: Project must be affiliated with a basic employer, meaning 51% or more of the facility’s revenue must be generated outside the Commonwealth. There must be an active and realistic competition between Virginia and another state or country for attracting the project. A company locating in a Metropolitan Statistical Area (MSA) with a population of 300,000 or more in the most recent decennial census must: -Create 400 new full-time jobs with average salaries at least 150% of the local prevailing average wage, or create 300 new full-time jobs with average salaries at least 200% of the local prevailing average wage. -Make a capital investment of at least $5 million or $6,500 per job, whichever is greater. A company locating elsewhere in Virginia must: -Create 200 new full-time jobs with average salaries at least 150% of the local prevailing average wage. -Make a capital investment of at least $6,500 per job. Minimum capital investment, new job, and wage thresholds must be met and are based on the area of Virginia in which the company is locating.